Annapolis Maryland Luxury Real Estate

I am socially irrelevant.  I've become the dinosaur that I once thought my parents were when I discovered that they frequently failed at programming the VCR, let alone knew what or how to use an ATM machine.  I must now admit that I barely understand how to use a Blackberry or even begin to know where to start with social media. 

In the November 2009 issue of Maryland Realtor there was a Snippets published that caught my attention.  John Mims, Vice President of public relations at the University of North Carolina at Chapel Hill, shares ten PR lessons that teens can teach us about using social media sites.

After watching and listening I realized that I've become socially irrelevant.  Why?  Because I'm not funny and not weird when I blog.  I would rather call and not text.  Microblogging?  Is that like Microbrewing?  I like advertising and have no clue how to provide an experience to my customers and clients.  Catchy tunes with emotional impact - well I believe that sometimes silence is golden.  I'm a pitchman and have no idea how to have conversations with customers and clients.  Virtual social worlds may be cool, but, I'd rather socialize in person.  Anonymity? I once heard that if you're proud of your work, sign it. Photos speak volumes. Well isn't that spin for "a photo is worth a thousand words" except now everything is about photos and video clips.

He sums up his short 8:45 minute video by saying that we can understand social media when we become part of the conversation.  But to become part of the conversation we must stop and listen to how the "adults of tomorrow" are communicating with each other today before we can effectively join in the conversation.  Maybe then I can become more socially relevant!

To watch this video yourself, see ... click here ... of click on the video below

Your "mortgage is canceled, voided, nullified, set aside and is of no further force and effect" were the terse words of New York's Suffolk County Supreme Count Justice Jeffrey A. Spinner when he wipped out the mortgage that Greg Horoski and Diana Yano-Horoski had with IndyMac Mortgage Services, a division of OneWest Bank F.S.B.  Read the full story here "Judge cancels LI family's mortgage, berates lender" or here "Judge Voids Mortgage Due to Bank's "Bad Faith".  The judge also ordered "that the lender and its successors are 'barred, prohibited and foreclosed from attempting, in any manner, directly or indirectly, to enforce any provision of the mortgage loan'."

At first glance it looks like the Horoski's are winners!  Or are they?  The bank could appeal the ruling and seek to reinstate the mortgage, then force them into foreclosure again.  Judge Spinner's decision makes it clear that he thought that the bank had no intention of faithfully negotiating a loan modification and preferred foreclosure over other remedies.  In a world were "you pay you stay, you don't you go" with no in-between, Judge Spinner's ruling should make it clear to banks that they need to negotitate with struggling homeowners and use foreclosure only as the very, very last resort.

Big business doesn't always win over the little guy.  And the Horoski's will likely be grateful for the ruling for many years to come.  Does this open the floodgates for others homeowners distressed ... maybe ... maybe not.  This was probably a stressful situation for the Greg and Diana Horoski with an unexpected outcome.  Athough it's doubtful that other banks will learn from this lesson, maybe there's hope for distressed homeowners caught between a rock and hard place.

Home sales should increase again in November then slump in December.

An article run this morning on MSNBC titled "Home sales rise to highest level in 2.5 years" reported that "Home sales surged for the second month in a row in October, climbing to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit."

In Anne Arundel County, home sales last month increased by 44.25% over this time last year - 502 units vs. 348 units - and up 4.1% from September.  The average sold price declined by 7.97% over this time last year but increased 0.7% from September.

While 502 homes sold in Anne Arundel County is no where the record number of homes sold in any given month (June 2005 holds the record at 1,093 closed sales) it is the highest number of of homes sold we seen since August 2007.

So what can be expected for November?  Buyers taking advantage of the tax credit and who purchased when they thought the deadline was still the end of November will continue to drive the high level of sold units though the end of November - so expect another record breaking month.  Now that the tax credit has been extended, expect sales to slump in December - due in part to the traditional holiday decline in sales - but then we should expect a strong first quarter with both first-time home buyers and long-time home owners who've live in their homes for five years or more continuing to make purchases.

There's been a pileup in the court room with foreclosures cases glutting local courtrooms in Anne Arundel County, Maryland according to an article published in The Capital.  Staff Writer Elisha Sauers states in a November 1, 2009 article, there aren't enough lawyers to go around for all the struggling homeowners - legal aid lawyers, that is, willing to help struggling homeowners at reduced rates or even pro bono.

The article suggests that manditory mediation between lender and borrower might be the solution.  And states that Gov. Martin O'Malley introduced legislation last week in Maryland to require mortgage companies to participate in re-negotiations of loan terms before resorting to litigation.  This seems like a good idea, move the process out of the courts and into the mediation conference room (do we have enough mediators?).

In reality, in Maryland, especially in Anne Arundel County, we've been relatively immune from foreclosures.  With only about 2,300 year-to-date foreclosures - according to the story - we experienced nothing like areas in other parts of the country.  Although the foreclosure numbers for our local area might be up and more lawyers might be needed, there's a strong economic base thanks to the Federal government and its contractors keeping area homeowners employed and in their homes!!!

It does seem to make sense for foreclosure mitigation to occur through mediation.  But, the process, whether madated by law or voluntarily adopted by mortgage companies, will take time to become established.  And by the time a process is worked out, the crisis may have already passed and too many homeowners who deserved to keep their homes may have already lost them.

The bottom line is "you pay you stay, you don't you go" as one of the settlement officers I've worked with liked to say about the foreclosure process detailed within the hundreds of pages buyers sign when they purchase a home.  Whether its foreclosure or mediation before foreclosure for the homeowner who is in arrears, its really capitalism at work.  Homeowners in trouble with their mortgages need to wake up to their financial situation and make changes and make them fast (for financial stratgies that work see Robert Pagliarini's e-book Plan Z).  But in an era where we bail out big banks, forcing them to the mediation table instead of allowing litigation resulting in foreclosure could well be each and every trouble homeowners personal bail out plan.